As far as flow, you would gain by going to a cone style K&N style. But....there's always a BUT..... You would lose overall because you would be sucking in the hot air from under the hood and especially hot air from the area around the turbo. IAT's go up, EGT's go up.
The S&B / new heath style is a good mix of cool air from the fender while also giving you a bigger and better flowing filter. The K47 factory box, with a free flowing filter installed, is also a much better/more popular upgrade as compared to the flat panel filter that you have now.
My advice..... You're better off with the flat panel filter than any open cone filter laying on the inner fender and sucking hot air. Ride with what you have until you have the money saved for the S&B/new Heath setup (around $285) or keep an eye open at the junkyards for a factory K47 air box. Either of those setups will hook up to the fender and draw cooler air from the grille area.
I am in the same shoes as you really...... Turbomaster, Heath chip, 4" exhaust, huge LP, FTB mod, etc etc and I still have the factory flat panel filter too.